Watch List notes:

Republica dos Estados Unidos do Brasil, a set from the 1926 issue comprising 10 mil reis, serie 1A, serial number 035207, 20 mil reis, serie 5A, serial number 047288 and 50 mil reis, serie 9A, serial number 030322, all black on multicolour underprint, portrait of allegorical woman at centre. (Pick 103, 104, 105), very fine (3)

($300-400)